The Federal Government is predicting a 3.7% growth in Nigeria’s Gross Domestic Product (GDP), a 17% inflation rate, and 1.69 million barrels of daily oil production in next year’s budget estimate.
President Muhammadu Buhari will present the N19.76 trillion 2023 Budget estimates before lawmakers at a joint session of the National Assembly by 10 am on Friday.
The government is pegging the oil price at $70 per barrel in the Appropriation Bill has between N11.30 trillion and N12.41 trillion deficit.
The scheduled presentation is contained in a Presidential memo sent to Senate President Ahmad Lawan and House of Representatives Speaker Femi Gbajabiamila.
The memo was read in both chambers of the National Assembly at plenary yesterday.
At the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) interaction with the Senate Committee on Finance, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, gave a breakdown of the aggregate expenditure of the N19.76 trillion for the next fiscal year.
According to her, the federal government was projecting total revenue of N8.46 trillion, out of which N1.9 trillion was expected to come from oil-related sources and the balance from non-oil sources.